Sun Pharma Q1 Results: Cons PAT falls 2% YoY to Rs 2,023 crore on one-time expense
Sun Pharmaceutical on Thursday reported a nearly 2% year-on-year (YoY) drop in consolidated net profit for the quarter ended June 2023 to Rs 2,023 crore. Revenue from operations increased nearly 11% on year to Rs 11,941 crore.
The net profit was lower than the ETNow poll of Rs 2,240 crore. The fall in the bottomline was partly due to certain one-time charges totalling Rs 323 crore.
The company also incurred a one-time transitional cost of Rs 51 crore on the relocation of Alchemee operations from California to New York. The drugmaker’s operating profit or earnings before interest, taxes, depreciation, and amortisation (EBITDA), grew 15.5% YoY in the quarter to Rs 3,332 crore, and operating margin expanded 109 basis points to 27.90%.
Tax outgo for the quarter increased to Rs 468 crore, from Rs 189 crore a year ago. Other income jumped to Rs 204 crore in the reporting quarter from just Rs 2.1 crore a year ago.
The share of loss of associates and joint ventures reduced considerably on a sequential basis but was higher on a YoY basis. The losses for the quarter were Rs 7.4 crore, compared to a loss of Rs 33.9 crore a quarter ago, and a loss of Rs 2.5 crore a year ago.
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